LMNDLemonade, Inc.

Fire, Marine & Casualty Insurance

Revenue: $738M; 40% YoY
Operating margin: —
EBITDA: —
Market cap: $3.3B
Employees: 1,282; $576K revenue each
Net debt / EBITDA: —
AI in 10-K: 13.1; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentYes
77% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$576K · 22nd pct
Bottom quartile of its SIC industry
Quiet on AINo
13.1 per 10K words · 95th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$38M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$128M	$257M	$430M	$527M	$738M	40%
Net income	−$241M	−$298M	−$237M	−$202M	−$166M	18%
Operating cash flow	−$145M	−$163M	−$119M	−$11M	−$17M	45%
Capex	$9M	$10M	$9M	$9M	$9M	0.0%
Stock-based comp	$44M	$59M	$60M	$65M	$61M	5.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $38M · 37
Net: −$38M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	$11M	58	180
FY2024	—	—	45	190
FY2023	—	—	20	153
FY2022	—	—	17	141
FY2021	—	—	52	139